BIll Discounting

Yes i also want to know if anyone please share with us

Hi Shashikanta,

 I dont have such checklist.

but i can help as to how do audit, as follows:

1. First understand the bills discounting process.

2. Obtain the internal process document for the bills discounting from the management either a document or a flow chart, insisting on the control matrix.

3. You can then decide on the key controls, and from the process in the first step prepared the key process elements ( or control element).

4. Then you can even prepare the checklist with the abvoe determined/identified control elements.

5. Populate the Checklist with the samples that you have considered for internal audit, then test the attributes.

I hope this will help you my friend.